Council set to recoup ‘lost’ �26m

FOREIGN investments worth millions of pounds which were thought to be lost will be returned to North Somerset and Somerset authorities.

Almost �26million lost in the Icelandic banking crisis by North Somerset Council and Somerset County Council collectively will be returned to their accounts.

Financial institutions in the country went into crisis in 2008, putting investments from the likes of local authorities at risk.

The Local Government Agency has since been working to recoup cash for Britain’s authorities.

North Somerset Council invested �3million in failed Icelandic bank Landsbanki, but has already received �900,000 back and expects to reclaim 98 per cent of the total.

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Somerset County Council revealed it has received �4.1million of the �25million it invested in Iceland back this week, and expects to receive a further �9.46million of the outstanding �12million which remains.

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